Introduction#
The National Investment Fund of the Republic of Uzbekistan has officially launched its initial public offering (IPO), setting the price for Global Depositary Receipts (GDRs) at $25.00 each. This move marks a significant step for the fund as it seeks to attract both local and international investors.
Offer Details#
The IPO offer period began on Tuesday and is expected to conclude around May 12, 2026. The Ministry of Economy and Finance of Uzbekistan, as the sole shareholder, is offering approximately 30% of the company's share capital. With over 5 trillion shares in circulation, the pricing suggests a market capitalization of about $1.95 billion. Notably, one GDR represents 64,700 shares of the fund.
Investment Opportunities#
The offering consists of two parts: a local offering of ordinary shares aimed at eligible institutional and retail investors in Uzbekistan and an international offering of GDRs for institutional investors outside the country. Major investment firms, including BlackRock and Franklin Resources, have already committed to purchasing around $300 million worth of GDRs at the set price, pending standard conditions.
Benefits for Retail Investors#
Retail investors in Uzbekistan can benefit from a 5% discount on orders up to UZS 12 billion, allowing them to purchase shares at UZS 4.41 each. Orders up to UZS 200 million can be conveniently placed through the Jett online platform.
Future Trading Plans#
The company has applied for its shares to be traded on the Tashkent Stock Exchange and plans to list its GDRs on the Official List of the Financial Conduct Authority and the London Stock Exchange. Conditional trading on the LSE is anticipated to start around May 13, 2026, with unconditional trading expected shortly after on May 18, 2026. Jefferies International Limited is serving as the sole global coordinator for this offering.